TUPELO, Miss. (AP) – A regional bank based in Mississippi is getting new leadership as the longtime CEO steps aside in a planned transition.

Renasant Corp. says that on Tuesday, it will promote C. Mitchell Waycaster from executive vice president to chief executive officer. Kevin Chapman will become chief operating officer while retaining his current post of chief financial officer.

The 71-year-old McGraw has led the bank since 2000 as it has grown from $1.2 billion to $10.2 billion in assets. It now has more than 175 offices in Mississippi, Tennessee, Alabama, Georgia and Florida.

Renasant regulatory filings show it paid McGraw $2.8 million in salary, bonus and stock in 2017. The company says his pay will now decline.